After the buzz of the recent editions release, Shopify has dropped a bit of news, and brace yourself – the licence fee is going UP!

We aren’t hugely surprised as it’s fairly standard practice aka you pay a bit more for a better product!

With the licence fee sitting at 0.25%, it's been noticeably lower compared to key competitors - especially when directly compared with the high volume Enterprise space.

Plus, Shopify’s annual R&D investments come in at over $1bn so at some point they need to recoup this and what better way than through licensing.

Here’s the good part, they're freezing the current Shopify Plus price for existing customers who commit to a 3-year contract (very clever Shopify!)

• Shopify Plus Monthly platform fees are increasing from $2,000 per month to £2,500 (or $2,300 for a 3-year contract)

• Variable platform fees are increasing from 0.25% to 0.40% (or 0.35% for a 3-year contract) And if you're not using Shopify Payments, the transaction fee is inching up from 0.15% to 0.20%

• Shopify Plus merchants already on the platform will be given the opportunity to lock in the 2023 platform, variable and third-party transaction rates on a new 3-year term by committing before April 24, 2024.

Now, while Shopify's platform still packs a punch in terms of value, these increases might get the finance department twitching.

Our opinion is that the cost hike is unsurprising but considering the amount of development and updates you get from Shopify, it’s still a value-for-money platform.

Please reach out if you have any queries or just want some advice of what plan is right for you!